Major Australian farm sales in 2020 show PSP Investment snaps up the most land

Landmark rural properties were sold for whopping prices last year. See our comprehensive list of every major farm sale in Australia in 2020 here.

SHANNON TWOMEY and James Wagstaff

6 min read

January 14, 2021 - 12:00PM

The Weekly Times

Banongill Station at Skipton sold for about $80 million to a local consortium of farming families.

AUSTRALIA’S rural property market has defied the coronavirus pandemic to post a record year during 2020.

A special The Weekly Times investigation has found of the major farm sales in 2020, four have exceeded $100 million while 15 sales made $50 million or more.

The leader of the pack – Canada’s Public Sector Pension Investment Board – splashed more than $1 billion on rural properties this year.

PSP Investments, the investment vehicle for the world-famous Royal Canadian Mounted Police, is no stranger to the top buyers list having also snapped up the most rural land in Australia in 2019.

Its biggest purchase this year was finalised in February when it secured its $854 million takeover of the ASX-listed Webster Limited – Australia’s fourth-oldest company and one of the nation’s biggest landholders.

Other major investors this year include the US-based Hancock Agricultural Investment Group, which splashed out $218 million securing two of the nation’s most expensive farms and the $300 million takeover bid by Macquarie Infrastructure and Real Assets of the ASX-listed Vitalharvest.

Inglis Rural Property sales manager Sam Triggs said rural property assets across the eastern seaboard had recorded “excellent capital growth” this year with southeast NSW and Victoria in strong demand “particularly due to favourable and consistent rainfall”.

“The market sentiment for these mixed farming regions in general terms is hot … demand is far outstripping supply,” Mr Triggs said.

“Rural property is seen as a sexy asset class and the inflow of capital from funds and investors, along with the expansion of family farming enterprises underpinned by low cost of funding and strong commodity prices, is driving growth and creating a very competitive market.”

A number of notable properties still remain on the market.

Auscott Limited — one of Australia’s biggest foreign-owned agribusinesses — is listed for sale with a $600 million price tag.

The Harvard University Endowment Fund, which manages US Ivy League Harvard University’s $58 billion donation kitty, listed three of its NSW Riverina farms for sale for $120 million.

And the iconic Gundaline station, one of Australia’s largest irrigated cotton farming properties, was also listed for sale, after just two years under the ownership of Dutch-based fund Optifarm.

MAJOR AUSTRALIAN FARM SALES 2020

$854 MILLION

Webster Limited, NSW, SA, TAS

Sale of agribusiness giant Webster Limited to Canada’s Public Sector Pension Investment Board.

$300 MILLION

Vitalharvest, NSW, SA, TAS

Macquarie Infrastructure and Real Assets launched a takeover bid for the ASX-listed Vitalharvest, which owns citrus orchards and berry farms leased to horticulture giant the Costa Group.

$129 MILLION

Piangil Almond Orchard (1566ha)

United Almonds Limited sold the northwest Victoria orchard to Select Harvest.

$120 MILLION

Wyadra and Cowl Cowl properties, Hillston, NSW (19,877ha)

Boston-based Hancock Agricultural Investment Group purchased the properties from Harvard University’s endowment fund.

$98 MILLION

Mooral, Hillston, NSW (3841ha)

US-based Hancock Agricultural Investment Group purchased the almond property from the ASX-listed Rural Funds Group.

$97 MILLION

Erregulla Plains, Mingenew, WA (22,000ha)

Canadian PSP Investments purchased the property through its Daybreak Cropping business.

$81 MILLION

Bundaberg, QLD (5409ha)

ASX-listed Rural Funds Group purchased sugar cane farms from MSF Sugar, which will be converted into macadamia production.

$80 MILLION

Banongill Station, Skipton (8200ha)

Laguna Bay Agricultural Fund offloaded the historic station to a local consortium of farming families.

$70 MILLION

Tanumbirini and Forest Hill stations, Katherine, NT (559,370ha)

The Langenhoven family of Rallen Australia purchased the station.

$60 MILLION

Yaloak Estate, Ballan (5071ha)

Chinese company Harvest Agriculture purchased the estate.

$60 MILLION

Mantuan Downs Station, Springsure, QLD (134,000ha)

North Australian Pastoral Company purchased the station from pastoral giant Clark and Tait.

$55 MILLION-PLUS

Nambrok (2513ha)

Dairy giant Gray Wigg Pty Ltd sold its portfolio of farms to Canada’s Public Sector Pension Investment Board through its Aurora Dairies business.

$55 MILLION

Cobram aggregation, Cobram (5000ha)

Purchased by a partnership of Merricks Capital and MRLT.

$53 MILLION

Wollogorang and Wentworth station, Gulf of Carpentaria, NT (705,198ha)

Cloncurry’s McMillan Pastoral Company purchased the stations from Chinese interests.

$50 MILLION

Middlebrook Station, Nundle NSW (8613ha)

Formerly owned by Chinese investment group Rifa Salutary, the aggregation sold to domestic interests.

$42 MILLION

Mornington Peninsula, (385ha)

Primewest purchased the Lamattina celery farm on in a sale-leaseback deal.

$40.4 MILLION

South Australia

Sale of Beston Global Food Company properties in South Australia to Canada’s Public Sector Pension Investment Board through its Aurora Dairies business.

$40 MILLION-PLUS

Roxborough Downs and Mudgerebar stations, Boulia, QLD (423,494ha)

Anthony and Jane McMillan from McMillan Pastoral Company purchased the adjoining stations.

$40 MILLION-PLUS

Henty, Culcairn and Walbundrie, NSW (4174ha)

US teacher superannuation fund TIA-CREF sold seven farms around Henty, Culcairn and Walbundrie in southern NSW to various local farmers.

$38.5 MILLION

Narwietooma, Derwent and Glen Helen stations, near Alice Springs, NT (565,800ha)

The adjoining stations were purchased by Tim and Emily Edmunds.

$36 MILLION

Minjah, Hawkesdale (2846ha)

The historic property sold to an undisclosed buyer in a deal negotiated by PricewaterhouseCoopers.

$35 MILLION

Nardoo Station northwest of Cloncurry, QLD (97,500ha)

Sam Daniels from Escott Station purchased the property in a deal that includes more than 5800 cattle.

$31.5 MILLION

Yandina and Nulgra Downs, Orion QLD (8490ha)

Sold to the Nobbs family of Moura.

$30 MILLION-PLUS

Jubilee Downs near Fitzroy Crossing, WA (221,408ha)

Purchased by billionaire mining magnate Twiggy Forrest.

$30 MILLION

Gilgal property near Cootamundra, NSW (3618ha)

The Queensland-based Palgrove beef operation, backed by the New Zealand Superannuation Fund, purchased the property.

$29.3 MILLION

Arthurs, Culcairn NSW and Culbara, Woomargama

The estate of the late Arthur Trethowan reaped almost $30 million from the sale of two properties. Arthurs sold to the Corrigan family of Rennylea Angus for $9.55 million, and Culbara to Angus cattle breeders Frank and Andis Sorraghan for $19.7 million.

$27 MILLION

Dooruna, near Clermont, QLD (12,800ha)

Purchased by the Duddy family of Goondiwindi in Queensland.

$25.6 MILLION

Warrah Ridge, Quirindi NSW and Linton, Armidale NSW

Coal magnate Tony Haggarty sold 2896ha slice of Warrah Ridge to Annangrove Agriculture and an 8769ha piece of the Linton aggregation to the Tonkin and Servin families.

$25 MILLION

Chatsworth House, Mortlake (2400ha)

Purchased by Nerrin Nerrin farmers Tom and Sarah Whinney.

$25 MILLION

Mawallok, Stockyard Hill (2349ha)

Purchased by Chinese wool buyer Tianyu Wool.

$23 MILLION

Murrunji Station, near Katherine, NT (447,500ha)

The Rockhampton Pickersgill family, of Bunderra Cattle Company, purchased the property as well as 12,500 cattle.

$23 MILLION

Tamworth, NSW and southeast Queensland

Media identity John B Fairfax’s Fairglen Farms business purchased farms near these locations.

$23 MILLION

Claraville Station, Croydon QLD (217,000ha)

The Curr family of Julia Creek reportedly purchased the property, offered by a group of Adelaide-based investors, in a deal that also included 7000 cattle.

$22.6 MILLION

Petro, High Hill and Willara, north of Perth, WA

Purchased by the ASX-listed Rural Funds Group.

$20 MILLION-PLUS

Eulameet, Cavendish, (3600ha)

Dunkeld Pastoral Company sold the property to the Farquharson family from Dergholm.

$20 MILLION-PLUS

Bergen Park and Warili, near Forbes, NSW (3899ha)

ASX-listed Blue Sky Alternative Investments sold the properties to Queensland-based AAM Investment Group.

$20 MILLION-PLUS

Drays Family Aggregation, Proserpine QLD (8825ha)

$20 MILLION

Gladys Downs, near Augathella, QLD (20,025ha)

Purchased by the beef giant Australian Country Choice.

$20 MILLION

Maylands, Parawa SA (1500ha)

Adelaide businessman Robert Champion de Crespigny purchased the Fleurieu Peninsula property from Vicinity Centres chief executive Grant Kelly.

$18.9 MILLION

Solferino, Kilcummin QLD (7148ha)

Sold to the local Mulcahy family.

$18 MILLION

Condenwarra West, Emerald QLD (3443ha)

Purchased by the multinational commodity group Olam International.

$18 MILLION

Heavin Farms Aggregation, Jugiong NSW (3682ha)

Sold to three separate buyers.

$17.1 MILLION

Dunns Plains, Rockley NSW (2609ha)

Purchased by John B Fairfax to McIntosh Pastoral Company.

$17-$18 MILLION

Springfield Station, Mt Surprise QLD (68,500ha)

Purchased by the Hewitt family of Belyando in a reported deal that also included 7500 cattle.

$14.86 MILLION

Mirrabooka, Walcha NSW (1500ha)

Purchased by Qube Holdings chairman Allan Davies and wife Lyn.

$14 MILLION

Terrica aggregation, Darling Downs QLD (15,990ha)

Purchased by ex-rich lister Michael Gordon and the Grimwade brothers from Victoria.

$14 MILLION-PLUS

Devon Park, Dunkeld (1273ha)

Purchased by barrister-to-the-stars Allan Myers’ Dunkeld Pastoral Company.

$13.25 MILLION

Moseley Dene, Inverell (1368ha)

Purchased by the Reardon family.

$12.6 MILLION

Listowel, Blackall QLD (26,512ha)

Sold to domestic interests.

$11.4 MILLION

Burngrove, Blackwater QLD (3180ha)

Purchased by Dean and Paula Armstrong from Comet in Queensland.

$11-$13 MILLION

Kilto, Wandoan QLD (4042ha)

Sold to neighbours Cameron and Sarah Webster.

$11 MILLION-PLUS

Bollier Park, Mary Valley QLD (789ha)

Sold to domestic interests.

$11 MILLION

Boree, Walcha NSW (1111ha)

Purchased by domestic interests.

$10.6 MILLION

Wertaloona Station, Flinders Ranges SA (255,000ha)

Sold by the Rowe family of Princess Royal Station to a South Australian livestock producer.

$10.3 MILLION

Meldrum, Dorrigo NSW (414ha)

Purchased by the Sheridan family, with adjacent Beaumont, for a reportedly record price.

$10 MILLION-PLUS

Develin, Marlborough QLD

Reportedly sold to the Kenny family of Collinsville.

$10 MILLION-PLUS

Nullamanna Station and Koolabah Aggregation, Inverell NSW (2207ha)

Purchased by Macquarie Agriculture’s Paraway Pastoral Company.

$10 MILLION

Dawson Downs, Baralaba QLD (2312ha)

Sold to the Dunlop Santa Gertrudis stud at Proston.

FOR SALE:

$600 MILLION

Auscott portfolio (22,000ha)

Offered by the US-based JG Boswell Company. Business includes 22,000ha of developed irrigation country, more than 143,000 megalitres of water and five ginning facilities.

$150 MILLION-PLUS

Limbunya and Maryfield stations, Katherine NT (670,000ha)

Colin Ross of North Star Pastoral has listed the stations along with 60,000 mostly Brahman cattle.

$120 MILLION

Newmarket, Maude NSW (10,708ha), Moora, Hillston NSW (524ha) and Euroley, Euroley NSW (2419ha)

Offered by the Harvard University Endowment Fund.

$100 MILLION

Beveridge (435ha)

Offered by descendants of business leader Sir Cecil Looker with subdivision potential.

$30 MILLION-PLUS

Tara, Warrnambool (713ha), Melro, Heywood (476ha) and Tarraville, Yarram (863ha)

Properties owned by an overseas fund and managed by Compass Agribusiness. Run a combined 2840 cows.